The Board of Directors of Hindalco Industries Limited [“Your Company" or “the Company"] is pleased to present the 67^th [Sixty-Seventh] Annual Report and the 6^th [Sixth] Integrated Annual Report of your Company along with the audited financial statements for the financial year [“FY“] ended March 31, 2026.

[“year under review"/ “FY2025-26"].

A. Board of Directors [“Board”]

(i) Meetings of the Board

During the year under review, 5 [five] Meetings of the Board of Directors were held. The details of the meetings of the Board of the Company held during the FY 2025-26, along with the attendance of the Directors thereat, are provided in the Corporate Governance Report forming part of this Integrated Annual Report.

The Board confirms that the maximum interval between any two consecutive meetings during the year did not exceed 120 days, as prescribed under the Act and the SEBI Listing Regulations.

(ii) Board Constitution and Changes [in %]

As of March 31, 2026, the Board comprised 12 [twelve] Directors, including 4 [four] women Directors. Of the total Directors, 6 [six] were Independent Directors, 5 [five] were Non-Executive Directors and a Managing Director.

a) Appointments & Re-appointments

No changes were made to the composition of the Board of Directors during the year under review.

b) Resignations & Retirements

Mr. Praveen Kumar Maheshwari [din: 00174361] tendered his resignation as a Whole Time Director with effect from the closing of business hours on Wednesday, August 13, 2025.

Mr. Yazdi Piroj Dandiwala [din: 01055000] concluded his tenure as an Independent Director with effect from the closing of business hours on Wednesday, August 13, 2025, upon completion of his second term of 5 [five] years.

Your Directors place on record their sincere appreciation for the valuable contributions made by Mr. Praveen Kumar Maheshwari and Mr. Yazdi Piroj Dandiwala during their respective tenure on the Board. Their guidance, insights and commitment have been instrumental in supporting the Company’s growth, governance and strategic direction.

c) Retirement by rotation

Mr. Kumar Mangalam Birla [din: 00012813] and Ms. Ananyashree Birla [din: 06625036] are liable to retire by rotation at the ensuing 67^th Annual General Meeting [“agm"] and being eligible, have offered themselves for reappointment.

The resolutions for their re-appointment, along with their brief profiles, form part of the Notice convening the 67^th AGM.

(iii) Declaration of Independence

[S. 149(6),150(1) & Schedule IV of the Act along with rules thereunder & R. 16(1)(b), 25(8) of SEBI Listing Regulations]

The Company has received declarations from all Independent Directors confirming that they meet the criteria of independence as prescribed under the Act and the SEBI Listing Regulations.

Directors and the Chairman was carried out for the FY 2025-26.

The evaluation methodology included detailed questionnaires covering various parameters relevant to the Board and its Committees. A separate assessment was also conducted to evaluate the performance of individual Directors.

At their separate meeting, the Independent Directors deliberated on the performance evaluation of the Chairman, the other Directors, the Committees and the Board as a whole.

The Board further strengthened the quality of forwardlooking strategic engagement during the year through its strategy session and focused business deep-dives. This will remain a key area of focus in FY 2027, with continued emphasis on enhancing preparedness for emerging opportunities and challenges.

Based on the evaluation carried out, the Board concluded that the overall performance of the Board, its Committees, Chairperson and other Directors were effective and satisfactory.

B. Committees of the Board

The Board of Directors has constituted 7 [Seven] Committees to assist in discharging its responsibilities effectively. These include the Audit Committee, Corporate Social Responsibility [“csr’] Committee, Risk Management & Environment, Social & Governance [“rm&esg’] Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee [“SRC’], Prohibition of Insider Trading [“pit’] Committee and the Executive Committee [“EC’].

The Board, at its meeting held on May 22, 2026, approved the renaming of the Finance Committee as the Executive Committee to more accurately reflect its expanded scope, responsibilities and decision making authority.

C. Key Managerial Personnel "kmp']

[S. 2(51) and 203 of the Act along with rules thereunder]

During the period under review, the KMP of your Company were:

1. Mr. Satish Pai, Managing Director [“MD’];

2. Mr. Bharat Goenka, Chief Financial Officer [“CFO’];

3. Ms. Geetika Anand, Company Secretary & Compliance Officer.

Mr. Bharat Goenka was appointed as the CFO w.e.f from April 1, 2025.

D. Remuneration of Directors and Employees

[S. 136, S. 197(12) of the Act & Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

In accordance with the provisions of the Act, the names and other particulars of the top 10 employees of the Company are required to be annexed to this Report. However, in line with the provisions of the Act, the Report and Accounts are being sent to the Members of the Company excluding the said information.

Any member interested in obtaining such information may write to the Company Secretary & Compliance Officer at hilinvestors@adityabirla.com and the same will be provided upon request.

Disclosures pertaining to remuneration and other details are attached as Annexure I to this Report.

The Board of Directors has noted the reforms introduced under applicable labour and employment laws from time to time. The Board has been apprised that the management has assessed the impact of such changes on the Company’s operations, employees and compliance obligations. Wherever applicable, the Company has duly recognised the related liabilities and implemented necessary processes, systems and controls to ensure adherence to the revised statutory requirements. The Company confirms that it has complied with the applicable labour laws and there are no material non compliances or outstanding issues which are expected to adversely impact the financial position or operations of the Company.

E. Employee Stock Option Schemes and Share Based Employee Benefits:

The Board remains committed to offering competitive and market-aligned remuneration opportunities to its employees through a comprehensive mix of fixed pay, annual incentives and long-term incentive [“lti’]. The Company’s LTI framework is designed to foster a culture of ownership, enable retention of high-performing and critical talent in a competitive environment and align employee performance with the Company’s long-term strategic objectives and shareholder interests.

While annual incentive plans recognize short-term performance outcomes, LTI plans, particularly those involving employee ownership play a vital role in reinforcing sustained value creation and a performance-driven culture. The Board considers Stock options and Performance Stock Units [“PSUs’] as strategic long-term instruments that align employee interests with the Company’s sustained growth. These incentives enable employees to meaningfully participate in the value they help create over time.

As part of this framework, the Company instituted the following employee share-based incentive schemes:

a) Hindalco Industries Limited Employee Stock Option and Performance Stock Unit Scheme 2022

[“Scheme 2022’]

b) Hindalco Industries Limited Employee Stock Option Scheme 2018 [“Scheme 2018’]

c) Stock Appreciation Rights [“sar 2018’]

The aforesaid Schemes are administered, monitored and governed by the NRC of the Board, in accordance with applicable laws and regulations. Any deviations or exceptions to the standard grant and vesting framework require prior approval of the NRC.

During the year under review, the Company through Hindalco Employee Welfare Trust [“ewt’] implemented cashless mode of exercise of vested employee stock options, in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 [“sebi

sbeb Regulations’]. The cashless exercise mechanism enables eligible employees to exercise their Stock Options and PSUs without requiring any upfront cash payment towards the exercise price and applicable taxes. Under this mechanism, at the time of exercise, the EWT sells such number of shares as may be required to recover the exercise price, applicable taxes and other statutory obligations/charges and the balance shares, if any, are transferred to the respective employees.

The details of Stock Options and PSUs granted pursuant to schemes and the other disclosures in compliance with the provisions of the SEBI SBEB Regulations, are available on your Company’s website at www.hindalco.com.

A Certificate from the Secretarial Auditor, with respect to implementation of your Company’s ESOS, will be available at the ensuing AGM for inspection by the Members.

F. Related Party Transactions [“rpt”]

[Section 134(3)(h) & Section 188(1) of the Act & Rule 8 of the Companies (Accounts) Rules, 2014 & R.23 of SEBI Listing Regulations, as amended]

i. RPTs at Hindalco:

During the year under review, the Company entered into transactions with related parties, including entities directly and/or indirectly controlled by members of the Promoter and Promoter Group, in the ordinary course of business and on an arm’s length basis.

These transactions primarily pertain to the purchase and sale of goods and services and are in compliance with the provisions of the Act, the SEBI Listing Regulations and Indian Accounting Standards [“ind as’] 24.

The related parties with whom the Company transacts contribute significantly to operational efficiency and competitiveness. Such arrangements have consistently enabled cost and quality advantages without compromising service levels and are based on sound commercial principles. It is ensured that all transactions are undertaken at competitive commercial terms, including pricing, manufacturing capabilities and quality standards.

As part of the annual planning process, prior to the commencement of the FY, the Company presents to

the Audit Committee, the details of proposed RPTs, including estimated volumes, pricing methodology and commercial terms, for its review and approval. These details are also placed before the Board for their information. Directors having any interest in the transactions abstain from participating in the discussions and approvals related to such transactions.

Further, during the year under review, any new transactions or modifications to previously approved arrangements were submitted for necessary approval(s). The Audit Committee also undertakes a quarterly review of all RPTs to ensure continued compliance and transparency.

To further strengthen monitoring and governance, the Company has implemented and internally developed a digital compliance tool [Ekaayan] for real time tracking of RPT, based on unique identification of Related Parties [“RPs’] through their PAN. The tool enables monitoring of approved thresholds vis a vis actual transactions and facilitates timely identification of exceptions and deviations. It also provides visibility of any new RPTs undertaken with existing or new RPs, thereby enhancing internal controls and oversight.

The system generates alerts upon utilisation of defined thresholds, enabling proactive monitoring and ensuring adherence to sanctioned limits. The Company is also in the process of further strengthening the system by implementing controls to restrict transactions with RPs where requisite approvals or limits are not in place.

ii. Policy:

The Policy establishes a comprehensive framework for the identification, approval and monitoring of RPTs, including those undertaken at the subsidiary level, as applicable, with oversight extending to transactions evaluated on a consolidated basis. This ensures a harmonised and consistent approach to RPT governance across the Company and its subsidiaries. The Policy on RPT has been revised and approved by the Board on May 22, 2026, to align with recent amendments to the SEBI Listing Regulations and the provisions of the Income tax Act, 2025.

The RPT Policy is available on the Company’s website at www.hindalco.com.

iii. Review:

During the year under review, all RPTs entered by the Company were in the ordinary course of business and conducted on an arm’s length basis. These transactions were reviewed and approved by the Audit Committee, which also granted omnibus approvals for recurring transactions that met the prescribed criteria. The Audit Committee continues to monitor RPTs on a quarterly basis to ensure transparency and compliance with applicable regulations.

There were no materially significant RPTs during the year that could have had a potential conflict with the interests of the Company at large. There were no contracts/ arrangements with related parties referred to under provisions of the Act, which required Board’s approval.

During the year, the Company obtained Shareholders’ approval for material RPTs in accordance with SEBI Listing Regulations.

As part of its internal governance framework, the Company undertakes continuous monitoring of RPTs, including continuous review of utilisation vis a vis approved thresholds and periodic assessment of transactions against approved limits. The system generates alerts upon utilisation of 70% [Seventy] of the approved thresholds, enabling timely monitoring and ensuring adherence to sanctioned limits.

In accordance with applicable regulatory requirements and Industry Standard Forum, detailed information relating to such RPTs including nature of transactions, pricing rationale, arm’s length assessment and commercial terms is verified and placed before the Audit Committee for its review and approval.

Further, in line with regulatory and internal governance practices, certification is obtained from the MD and the CFO confirming that all RPTs are in the best interest of the Company.

iv. Statutory Disclosures:

The details of the RPTs as per IND AS 24 are set out in Note no. 30 to the standalone and consolidated financial statements, which form a part of this Integrated Annual Report.

The Company, in terms of the Regulation 23(9) of SEBI Listing Regulations submits on the date of publication of its standalone and consolidated financial results for the half year, disclosures of RPTs, in the format specified by the Securities and Exchange Board of India [“sebi’]. The said disclosures are available on www.nseindia.com & www.bseindia.com.

All related party transactions entered into by the Company during FY 2025-26 were in the ordinary course of business and on an arm’s length basis. Accordingly, the provisions of Section 188(1) of the Act were not applicable. Consequently, disclosure of particulars of such contracts or arrangements in Form AOC-2 is not required and does not form part of this Report.

The Board reaffirms the Company’s commitment to upholding the highest standards of corporate governance and ethical conduct in all its dealings, including those involving related parties.

G. Dividend Distribution Policy [r. 43a of sebi Listing Regulations]

Your Company has formulated a Dividend Distribution Policy, with an objective to provide a clear framework for dividend declaration and distribution, thereby enabling stakeholders to understand the guiding principles and factors considered by the Board while determining the dividend pay-out.

The policy outlines various financial and non-financial parameters, including the Company’s profitability, cash flow position, future capital requirements and overall economic environment, among others.

The policy is annexed as Annexure II to this Report and is also available on the website of your Company at www.hindalco.com.

H. Subsidiary, Associates & Joint Venture Companies [S.129(3) & S.136 of the Act read with Rule 8(1) of Companies (Accounts) Rules, 2014]

I. Subsidiary, Associates and Joint Venture Companies:

During the year, changes in the subsidiary structure of the Company were effected as a result of certain acquisitions. 2 [Two] new subsidiaries were formed during the year pursuant to the acquisitions, while 10 [ten] entities ceased to be subsidiaries, resulting in the

total number of subsidiaries standing at 55 [fifty-five] as at the end of the year.

Further, consequent to the incorporation of 4 [four] Limited Liability Partnerships [LLPs] the number of associates and joint venture increased from 15 [fifteen] to 19 [nineteen].

i. Companies/bodies corporate which became subsidiary during the financial year 2025-26:

Sr. No. Name of the Company/Body Corporate

1 Aditya Holdings LLC¹

2 EMIL Mines and Mineral Resources Limited²

The details of transactions are as follows:

¹A.V. Minerals (Netherlands) N.V., a wholly owned subsidiary of the Company acquired 100 % stake in a Company namely Aditya Holdings LLC [Aditya] on June 19, 2025, thereby making it a step-down wholly owned subsidiary of the Company.

Further Aditya entered into a definitive agreement to acquire 100% stake in AluChem Companies, Inc., subject to receipt of requisite regulatory approvals and fulfilment of customary closing conditions. In this regard, filings were made with the Committee on Foreign Investment in the United States [“cfius"] and the review process commenced in accordance with applicable statutory requirements. The transaction will be consummated upon receipt of CFIUS approval.

²EMIL Mines and Mineral Resources Limited became a wholly owned subsidiary of the Company w.e.f December 1, 2025.

ii. Companies/bodies corporate which ceased to be subsidiary during the financial year 2025-26:

Sr. No. Name of the Company/Body Corporate

1 Novelis South America Holdings LLC

2 Novelis PAE SAS

3 Novelis Services (North America) Inc.

4 Novelis Services (Europe) Inc.

5 Novelis ALR Rolled Products, LLC

6 Novelis ALR Rolled Products Sales Corporation

7 Novelis ALR Recycling of Ohio, LLC

8 Novelis ALR Aluminum LLC

9 Aleris Aluminum Japan, Ltd.

10 Novelis Vietnam Company Limited

iii. Companies/bodies corporate which became joint venture or associate during the financial year 2025-26:

Sr. No. Name of the Company/Body Corporate

1 Renukeshwar Estates LLP

2 Mangalyaan Estates LLP

3 Shambhavnath Estates LLP

4 Chandanprabhu Estates LLP

iv. Companies/bodies corporate which ceased to be joint venture or associate during the financial year 2025-26: NIL

A statement containing the salient features of the financial statements of the Company’s subsidiaries, associates and joint ventures, in Form AOC-1, is annexed as Annexure III to this Report.

2. Material Subsidiaries:

Your Company has adopted a Policy on Determination of Material Subsidiaries in accordance with the SEBI Listing Regulations. The Policy provides the framework for identification of material subsidiaries and lays down the governance requirements applicable to such entities.

The policy is available on the Company’s website at www.hindalco.com

For the FY 2025-26, the following unlisted subsidiaries have been identified as material subsidiaries of your Company:

Sr. No. Name of the Material unlisted subsidiaries

1 Utkal Alumina International Limited;

2 Novelis Corporation;

3 Novelis Inc;

4 Novelis Deutschland GmbH;

5 Novelis ALR Aluminum Holdings Corporation;

6 Novelis ALR International, Inc.

The Company did not have any material listed subsidiary during the year under review.

Standalone and Consolidated Audited Financial Statements and related information of your Company and Audited Financial Statements of your Company’s subsidiaries are available on your website at www.hindalco.com.

I. Corporate Social Responsibility

[S. 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014]

The Board reaffirms that for every Company within the Aditya Birla Group, outreach to underserved communities is an integral part of our ethos. We are guided by the principle of trusteeship, which calls upon us to go beyond business interests and actively engage with the challenges that impact the quality of life in these communities.

It is our belief that meaningful and sustained efforts in this direction not only reflect our values but also contribute to inclusive development. Through our initiatives, we strive to make a tangible difference in the lives of those who need it most.

The Aditya Birla CSR Centre for Excellence, a joint initiative of the Federation of Indian Chambers of Commerce and Industry [“ficci"] and the Aditya Birla Group, was established in 2010 as India’s first dedicated Centre of Excellence for CSR. The Centre serves as a comprehensive resource platform addressing the evolving needs of the CSR ecosystem in India.

Mrs. Rajashree Birla, Chairperson of the Centre, has been instrumental in its conceptualization and growth. Under her leadership, the Centre promotes knowledge exchange, research, policy advocacy, capacity building and partnerships, while advancing responsible and inclusive business practices. The Centre continues to strengthen its focus on community development, livelihood enhancement and improving the socioeconomic well-being of underserved communities across the country. In alignment with the United Nations Sustainable Development Goals, our endeavor is to lift the burden of poverty that weighs heavily on the underserved and to foster inclusive growth.

We believe that by building a better and more sustainable way of life for the weaker and marginalized sections of society, we can truly enrich lives. Our mission is to be a force for good driven by compassion, responsibility and a deep commitment to social equity.

The Board of your Company has constituted a CSR Committee, chaired by Mrs. Rajashree Birla. The other members of the Committee include Dr. Vikas Balia and Mr. Sudhir Mital, Independent Directors and

Mr. Satish Pai, Managing Director and Dr. Pragnya Ram, Group Executive President, Group Head, CSR, Legacy Documentation & Archives & Corporate Communication, is a permanent invitee to the Committee.

Your Company has in place a comprehensive CSR Policy, which outlines its approach and commitment to social development. The policy is available on the Company’s website at www.hindalco.com.

As a responsible corporate citizen, your Company places strong emphasis on the holistic development of communities in and around its areas of operation. During the year under review, the Company identified and implemented several impactful projects across key focus areas such as:

a) Social Empowerment and Welfare

b) Infrastructure Development

c) Sustainable Livelihood

d) Healthcare

e) Education

These initiatives were undertaken in collaboration with local stakeholders, particularly in villages surrounding the Company’s plant locations.

During the year under review, the Company introduced village-level Key Performance Indicators [“kpi"] for select CSR projects, with a view to strengthening outcome-based monitoring and enhancing the effectiveness of programme implementation. These KPIs have enabled project-level and community-specific assessment of impact, improved tracking of progress against defined objectives and supported data-driven decision-making at the grassroots level, thereby reinforcing the Company’s commitment to accountability, transparency and sustainable community development.

During the FY 2025-26, the Company continued its commitment to inclusive and sustainable development through various CSR initiatives. In line with the approved annual CSR plan, the Company’s CSR obligation was ' 121.18 Crore [Rupees One Hundred Twenty-One Crore and Eighteen Lakh only] and have spent a total of ' 90.14 Crore [Rupees Ninety Crores & Fourteen Lakhs only] on CSR activities.

The Company’s CSR Obligation was utilized towards both Ongoing Projects and Other than Ongoing Projects. Additionally, an amount of ' 32.00 crore [Rupees Thirty-Two crores only] was transferred to the Unspent CSR Account, in accordance with statutory requirements, specifically earmarked for Ongoing Projects.

The Board remains committed to ensuring that the Company’s CSR efforts create meaningful and lasting impact in the communities we serve.

The Annual Report on CSR Activities, as required under the Act and the applicable rules, is annexed to this Report as Annexure IV.

Furthermore, a detailed Social Report, providing a comprehensive overview of the Company’s community development initiatives and their impact, forms part of this Integrated Annual Report.

J. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings

& Outgo [S. 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014]

The information on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in Annexure V to this Board’s Report, which forms part of this report.

K. Risk Management [S.134(3)(n) of the Act & r. 21 of sebi Listing Regulations]

Pursuant to the requirement of SEBI Listing Regulations, the Company constituted RM & ESG Committee which is mandated to review the risk management plan/process of the Company.

The Company has an Enterprise Risk Management [“erm"] Policy in place and the same is regularly reviewed by RM & ESG Committee. The policy is applicable across all our operations and is uploaded on the website of the Company at www.hindalco.com.

A risk governance framework has been established, that enables proactive decision making and enhances organizational resilience. The committee meets every quarter and provides strategic guidance and oversight for effective risk management, including monitoring the Company’s overall risk exposure. The committee ensures that appropriate methodology, processes and systems are in place to identify, evaluate, monitor and

review the risks associated with the business of the Company. The committee also periodically reviews the adequacy and effectiveness of risk management practices and mitigation actions deployed by the management for managing key risks to the achievement of business objectives. We also have Risk Steering Committee and Plant Risk Committee comprising senior leadership, including direct reports of Managing Director, plant heads and functional heads. These committees provide structured oversight to ensure systematic identification, assessment, mitigation and periodic review of risks at business, plant and functional levels. Clear ownership is established through the mapping of Risk Owners, Mitigation Owners, Risk Champions and Risk Coordinators from the business, enabling effective risk management, timely interventions and accountability across levels.

Hindalco ERM framework is aligned with globally recognized frameworks including The Committee of Sponsoring Organizations of the Treadway Commission, International Organization for Standardization 31000 and is benchmarked against leading industry practices. The framework is tailored to the Company’s business context and objectives and is fully integrated with its strategic priorities. The Central ERM team is responsible for the design, facilitation and implementation of the ERM process, while ownership and accountability for managing risks rest with the respective businesses and functions, central team ensures that risks are effectively identified, assessed, mitigated and monitored at the appropriate levels.

The Chief Risk Officer [“cro’] is responsible for the functioning of enterprise risk management and heads the central risk management team. The latter is the custodian of the risk management process at all locations. To manage the risks at the grassroots we have an established team structure at cluster, plant and department levels. These teams are responsible for implementing risk mitigation plans and report to the Risk Management Head at regular intervals. The ERM process being data intensive, an advanced IT system has been deployed across the organization for management of risks through real time dashboards.

The digital platform supports risk analytics, monitoring and reporting through real time dashboards, enabling informed decision-making. By leveraging a single, standardized ERM framework across the entire risk lifecycle, the system promotes consistency, transparency and the development of a common risk language and culture across the organization.

The year was marked by significant disruption in the global business environment, driven by geopolitical developments, policy shifts, climate-related risks, supply chain disruptions and heightened exposure to emerging risks such as artificial intelligence and cybersecurity.

Against this backdrop, the Company remained vigilant to the evolving macroeconomic conditions, geopolitical dynamics, ESG landscape and global financial market sentiments, enabling proactive risk management during FY 2025-26. The systematic identification, monitoring and review of key risk indicators, supported by well-defined mitigation plans, strengthened the Company’s resilience to uncertainties and enabled it to sustain performance in a challenging environment. The risk management framework is audited internally and externally as part of Integrated Management System [“IMS’] audits, providing independent assurance on adequacy and effectiveness on risk management process and systems. In addition, the Company regularly monitors and evaluates existing and emerging risks and opportunities.

During the year, the Company advanced its Digital Personal Data Protection framework in line with the Digital Personal Data Protection Act, 2023 read along with Digital Personal Data Protection Rules, 2025.

Key actions included completion of a privacy gap assessment, deployment of a centralized Data Privacy Management Platform and rollout of updated privacy notices and cookie consent mechanisms across 6 [six] websites. Privacy awareness was reinforced through an annual Privacy Month. Data inventory revalidation is underway, with plans to institute a Privacy Committee, nominate Privacy Champions and undertake Data Protection Impact Assessments for high risk applications to strengthen regulatory preparedness and data governance.

L. Vigil Mechanism [1^st Proviso to Section 177(10) of the Act]

Your Company has established a robust Vigil Mechanism, which is implemented through its Whistle Blower Policy, to enable Directors and employees to report genuine concerns regarding unethical behavior, actual or suspected fraud, or violations of the Company’s Code of Conduct.

The Audit Committee reviews the whistle blower cases reported in the Aditya Birla Group’s internal hotline number on a quarterly basis. Further, the Company has

put in place all adequate systems and all employees have access to the Company Secretary & Compliance Officer, Chief Human Resources Officer and / or the Audit Committee, including Chairperson thereto, for reporting any such anomalies in connection with vigil mechanism/ whistle blower complaints. Further, the Company has also established various procedures for adequate redressal mechanisms to monitor such reported cases.

Further, basis the above, the Statutory Auditors present a perspective on the Company’s fraud risk structure to the Audit Committee on a quarterly basis.

Basis the review of the Audit Committee, the Board affirms that the Vigil Mechanism of the Company is functioning effectively and continues to reinforce our commitment to the highest standards of integrity and ethical conduct. The mechanism provides a secure and confidential platform for employees and stakeholders to report concerns regarding unethical behavior, actual or suspected fraud, or any violation of the Company’s Code of Conduct or Ethics Policy and ensures that adequate safeguards are in place to protect whistle blowers from any form of retaliation or victimization.

Importantly, the Vigil Mechanism ensures direct access to the Chairman of the Audit Committee, thereby upholding transparency and accountability at all levels of the organization.

The Board, at its meeting held on May 22, 2026, approved revisions to the Whistle Blower Policy and updated the contact details under the Policy.

The whistle blower policy is available on your Company’s website at www.hindalco.com.

A complaint was received during the period under review, through the Statutory Auditors. The matter was examined by the Audit Committee and the Board and after due deliberation, it was noted that appropriate actions had been taken at relevant times and that the issue highlighted does not constitute fraud. The Statutory Auditors were accordingly informed.

M. Nomination and Executive Remuneration Policy / Philosophy

Your Company’s Remuneration Policy is designed to reward performance and align executive compensation with the achievement of strategic objectives. The

Nomination and Executive Remuneration Policy [“Remuneration Policy"] is consistent with prevailing industry practices and aims to attract, retain and motivate talent across all levels. There has been no change in the Remuneration Policy during the year under review.

The Remuneration Policy of your Company, formulated by the NRC of the Board is annexed as Annexure VI to this Report and also available on your Company’s website at www.hindalco.com.

The Board affirms that the remuneration paid to the Directors during the year is in accordance with the terms and parameters laid out in the said policy.

N. Business Responsibility and Sustainability

Report [R.34(2)(f) of SEBI Listing Regulations]

In accordance with the applicable provisions, the Business Responsibility and Sustainability Report [“brsr"] forms part of this Integrated Annual Report.

The report outlines the Company’s initiatives from an Environmental, Social and Governance [“esg"] perspective.

The Company’s BRSR includes our responses to questions about our practices and performance on key principles defined by SEBI Listing Regulations as amended from time to time, which cover topics across all ESG dimensions. Further SEBI vide its Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, updated the format of BRSR to incorporate BRSR core, a subset of BRSR indicating specific KPIs under nine principles of business responsibility which are subject to mandatory reasonable assurance by an independent assurance provider. In compliance with this requirement, the Company appointed Bureau Veritas (India) Private Limited as the assurance provider for BRSR Core.

O. Directors’ Responsibility Statement [s. 134(3) (c)

of the Act]

Your Directors state that:

a) in the preparation of the annual accounts, applicable accounting standards have been followed along with proper explanations relating to material departures if any;

b) accounting policies selected have been applied

consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at the end of the FY and of the profit of your company for that period;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records

in accordance with the provisions of the Act for safeguarding the assets of your company and for preventing and detecting fraud and other irregularities;

d) the annual accounts of your Company have been prepared on a ‘going concern’ basis;

e) your Company had laid down internal financial controls and that such internal financial controls are adequate and were operating effectively;

f) your Company has devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively;

g) your Company has been in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Your Company recognizes that effective governance is not merely a regulatory obligation but a strategic imperative that underpins the long-term success and sustainability of the Company. By embedding governance excellence into the very fabric of our corporate culture, we enhance our resilience to economic fluctuations, proactively mitigate risks and reinforce stakeholder trust.

ljui uiuup srui pubc iu ci ii il>i i lives, uy uuiiuii ig

dynamic and responsible businesses and institutions, that inspire trust”—serves as a guiding principle in setting the highest standards of corporate governance.

It reflects our unwavering commitment to transparency, accountability and ethical conduct in all aspects of our operations.

The Board remains steadfast in its belief that strong governance is essential to driving performance, fostering innovation and creating enduring value for all stakeholders.

The Report on Corporate Governance, as stipulated under the SEBI Listing Regulations, forms an integral part of this Integrated Annual Report.

The Company has duly complied with the Corporate Governance requirements as set out under the SEBI Listing Regulations. In this regard,

M/s. Dilip Bharadiya & Associates, Company Secretaries, has certified that the Company is and has been, in compliance with the conditions of Corporate Governance as prescribed under the said regulations. The certificate issued by them is annexed to this Report as Annexure VIII.

R. Particulars of Loans, Guarantees and Investments [S.186 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014]

Details of loans, guarantees and investments as on 31^st March 2026, form part of the Notes to the financial statements provided in this Integrated Annual Report.

S. Extract of Annual Return

[S.92(3) of the Act read with Companies (Management and Administration) Rules, 2014]

An extract of the Annual Return of your Company for FY 2025-26 is available at Company’s website www.hindalco.com.

T. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [In accordance with the Companies (Accounts) Second Amendment Rules, 2025, notified by MCA on May 30,2025.]

The Board affirms that the Company is fully compliant with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and

Redressal) Act, 2013 [“posh Act”] and the Rules framed thereunder. A comprehensive policy that mandates zero tolerance towards any form of harassment at the workplace is available on the Company’s website at www.hindalco.com and all employees [permanent, contractual, temporary, trainees] as defined under the POSH Act are covered by this Policy.

To ensure the effective implementation of this policy, the Company has constituted Internal Complaints Committees [iccs] at all relevant locations to address and resolve complaints in a fair and timely manner.

The Company also conducts regular training and awareness programs throughout the year to foster sensitivity and promote a culture of respect and dignity at the workplace. These efforts contribute to maintaining a professional, inclusive and harassment-free environment, in alignment with Hindalco’s core value of integrity, which includes respect for every individual.

U. A statement with respect to Maternity Benefit Act 1961 [In accordance with the Companies (Accounts) Second Amendment Rules, 2025, notified by MCA on May 30,2025]

The Board affirms that the Company remains fully committed to upholding its Policy in strict compliance with applicable laws, including the Maternity Benefit Act, 1961 and in alignment with internal human resource protocols.

The Aditya Birla Group’s Maternity Support Program is designed to support the health, well-being and work-life balance of women employees during and after pregnancy.

V. Particulars of Total Employees as at the End of the Financial Year [In accordance with the Companies (Accounts) Second Amendment Rules, 2026, notified by MCA on May 30, 2025]

During the year under review, the particulars of employees categorized by gender, are provided below:

Auditors and Those Charged with Governance [tcwg]. Accordingly, the Company has formulated a structured policy and framework in this regard, which has been duly approved by the Board. The Board has further identified following as TCWG:

a. Audit Committee, with the Chairperson of the Audit Committee designated as the Nodal Officer and to chair TCWG meetings; and

b. Executive Directors.

The Board has reviewed the proposed approach for implementation of the prescribed framework and has advised the TCWG and the Statutory Auditors to ensure compliance with the said guidance.

Y Commercial Papers [cp]:

During the year under review, your Company raised an aggregate amount of ' 2,050 crores [Two Thousand and Fifty Crores] through issuance of CP. The said CPs were duly redeemed in full upon maturity within the stipulated timelines. Your Company has not defaulted on any repayment obligations and as on March 31, 2026, there are no outstanding CPs.

Z. Other Disclosures:

In terms of the applicable provisions of the Act and the SEBI Listing Regulations, your Company additionally discloses that, during the year under review:

a) There was no change in the nature of business of your Company;

b) It has not accepted any deposits from the public falling under Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014;

c) It has not issued any shares with differential voting rights;

d) It has not issued any sweat equity shares;

e) it has not made application or no proceeding is pending under the Insolvency and Bankruptcy Code, 2016;

f) There was no instance of one-time settlement with any bank or financial institution;

g) There were no material changes and commitments affecting the financial position of your Company between end of financial year and the date of report;

h) There is no plan to revise the financial statements or Board’s report in respect of any previous financial year;

i) There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and your Company’s operations in future and

j) There were no frauds reported by the auditors under Section 143(12) other than those reportable to the Central Government.

k) There was no amendment in the bylaws of the Company, and Shareholders’ approval will be sought in the event of any amendment thereto.

Appreciation

The Board of Directors places on record its sincere appreciation to all stakeholders, including the Central and State Government Authorities, Regulatory Bodies, Stock Exchanges, Financial Institutions, Analysts, Advisors, Local Communities, Customers, Vendors, Business Partners, Shareholders and Investors, for their continued support, trust and confidence during the year under review. Your unwavering encouragement reinforces our commitment to responsible growth and the successful execution of our strategic vision.

The Board also extends its heartfelt gratitude to all employees of the Company. Their dedication, passion and pursuit of excellence continue to be the cornerstone of Hindalco’s high-performance culture and long-term success.